Impact and Implications of the Food Crisis on Microfinance. Eric Duflos and Barbara Gähwiler, CGAP
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1 Impact and Implications of the Food Crisis on Microfinance Eric Duflos and Barbara Gähwiler, CGAP
2 CGAP Survey of 45 Leading MFIs Morocco Egypt Pakistan Nepal Haiti Niger Vietnam Senegal Ethiopia Philippines Cameroon Bangladesh Cambodia Tanzania Kenya Peru Zambia Madagascar Indonesia Bolivia Malawi Interviews Survey
3 Overall Remarks In August 2008: Price increases, of varying intensities, were felt in all the countries surveyed (e.g., Haiti and Niger highly affected) High food prices along with high fuel prices put a double burden on poor people Large landowners profited; small farmers did not Managers felt that the worst was yet to come because farmers couldn t afford seed and fertilizer More people migrated in search of food and jobs
4 Impacts on MFI Clients Clients consume less food Clients cut back on nonfood expenses (e.g., health expenses) Small businesses are less/not profitable Small businesses face lower demand Clients use savings to buy food Increase in malnutrition among clients Clients are forced to sell assets to buy food Doesn t apply to our clients Applies to a majority of our clients Rating Average on a scale from 1 to 5
5 Impacts on MFI Loan Portfolios % 43.2% 35.1% 27.0% 13.5% Our PAR (portfolio at risk) has increased as a consequence of the crisis Our loan portfolio has not been affected by the crisis The default rate has increased Our loan portfolio has decreased as a consequence of the crisis The share of very poor clients in the portfolio has decreased
6 Other Impacts on MFIs Most frequently reported impacts: 1. Increased operating costs (> 70% of respondents) We had to increase our salaries more than planned. Alexandria Business Association, Egypt 2. It s harder to collect savings (>50%) 3. We cannot reach our goals (e.g., expansion, diversification) (>40%) 4. We face liquidity problems (>25%) Only 3 out of 45 MFIs say their organization has not been affected by the crisis
7 Measures Taken by MFIs Most frequent measures taken: 1. Finding solutions case by case (>50%) 2. Applying a more flexible loan policy (>40%) 3. Increasing loan sizes to compensate for inflation (>30%) 4. Rescheduling loans (>25%) 5. Working with relief organizations (>25%) 6. Reducing interest rates (>20%) 7. Reducing savings requirements (>15%) Only 4 out of 45 MFIs give out food
8 What Role Should Microfinance Play? Microfinance should serve as an instrument to increase agricultural production (>75%) MFIs should adapt their policies to alleviate the consequences of the food crisis as long as doing so does not affect their financial sustainability (>75%) MFIs should focus on expanding access to finance and not on undertaking relief activities (>50%) MFIs should take up emergency measures to help people suffering from the crisis (>40%) MFIs should serve as a channel to distribute aid (food/money) (>30%)
9 Preliminary Conclusions 1. MFIs should focus on their core business in times of crisis, while managing the risks of bad debt 2. MFIs can support relief efforts in appropriate ways We sponsor food, but don t distribute it ourselves. We don t want to dilute our image. We are a financial service provider, not a relief organization. Pride, Tanzania 3. MFIs need to adopt robust risk management systems
10 Preliminary conclusions 4. In times of food crisis what can governments do? Maintain macroeconomic stability to avoid high inflation that can affect clients and MFIs Strengthen social safety nets and food security through nutrition and social protection programs Promote agriculture production without introducing interest rate subsidies
11 Preliminary conclusions 5. Donors and investors can help MFIs better cope with current and future food crises: - Help MFIs adopt better risk management - Foster the development of long-term funding sources (e.g., deposits) - Help MFIs better meet the needs of farmers through lessons learned from worldwide experiences
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